All Articles Tagged "debit card"

When it comes to your debit card are you someone who swipes without a second thought if you know you have the cash in the account to back it up? Though we all have our own accounting practices, when it comes to the debit card, not all purchases were created equal. Sure these little pieces of plastic tend to be a preferred method of payment, but did you know they can carry their own risks?

We have already looked at things you shouldn’t put on your credit card and now it’s time to place our focus on debit cards. Here are some places you shouldn’t use your debit card. Does this mean never? No, but proceed with caution as fraud is a pretty big deal.

Tags:

As a millennial generation heads into their 20s and 30s, many have had either a great or not-so great example of what it means to manage their money. Although the age of careers, job searches, marriages and first homes are approaching, many millennials still have no clue what it truly means to manage money for their long-term success and comfort. Even parents are sometimes shaky resources for personal finance information.

A 2012 U.S. News Money article finds that Generation Xers (who are now in their 30s and 40s) are the generation with the most financial frustration. Retirees are increasingly responsible for their own savings, income, and financial futures. Let’s face it, we all can use an old-fashioned money management lesson every now and again.

Let’s all learn a little bit from past generations, and keep your money flowing with these old school money management tips.

Tags:

(Daily Finance) — Bank of America will start charging debit-card users $5 a month to pay for purchases. The move comes as the cards increasingly replace cash and as banks look for ways to offset the loss of revenue from a new rule that will limit how much they can collect from merchants. Paying to use a debit card was unheard of before this year and is still a novel concept for many consumers. But several banks have recently introduced or started testing debit card fees. That’s in addition to the spate of other unwelcome changes checking account customers have seen in the past year. Bank of America will begin charging the fee early next year. Bank of America’s announcement carries added weight because it is the largest U.S. bank by deposits.

Tags:

(New York Times) — At a time when many banks have become notorious for taking money away from checking account customers, a start-up is planning to double what it’s putting back in account holders’ wallets. On Wednesday, Perk Street Financialis planning to announce that it will double, to 2 percent, its rebate on every dollar its checking account customers spend when they sign for purchases using their debit card.

Tags:

(Capital Business Staff Reports) — Bethesda-based Urban Trust Bank, a minority-controlled bank founded by BET founder Robert L. Johnson, has teamed up with a church group to offer a Visa-branded prepaid card as part of the “dfree” financial literacy program. Dfree, which stands for Debt, Delinquency and Deficit Free” was created in 2005 by DeForest B. Soaries, a New Jersey pastor, as a way to address the financial education needs of his congregation. The dfree campaign is slated to expand to churches nationwide in 2010.

Tags:

(PRNewswire) — Urban Trust Bank®, FSB (“UTB”), a minority controlled bank founded by Robert L. Johnson and Frank J. Hanna, and Dr. DeForest B. Soaries, Jr., the Senior Pastor of the First Baptist Church of Lincoln Gardens in Somerset, New Jersey, have partnered to deliver a Visa® branded prepaid card as part of the dfree™ financial literacy program.

dfree™, founded in 2005, stands for “Debt, Delinquency and Deficit Free” and was created by Dr. Soaries as a strategy to address the financial education needs of his congregation. In 2010, the dfree™ campaign will expand to churches nationwide under the sponsorship of Corporate Community Connections, Inc. (CCCI), an entity formed by Soaries in 1997 to create partnerships between major corporations and community and faith based organizations.

“This program will allow Urban Trust to fulfill its mission of assisting community leaders to provide urban communities with the tools to help individuals gain financial literacy and savings for the future,” stated Robert L. Johnson. “Financial literacy is the first step towards saving for home ownership — the cornerstone for generational wealth in this country,” Johnson added.

“I am thrilled to launch this prepaid card as part of the dfree™ movement. The mission of dfree™ is to help churches and other organizations popularize debt free living and economic capacity. This means that we must provide individuals and families with the tools to address their financial needs on a consistent basis,” noted Dr. Soaries. “Families can use this low cost tool to better manage their finances and their lives.”

In addition to churches, the program will expand to community organizations, credit unions, and student organizations. The prepaid card empowers cardholders with many of the benefits of traditional debit or credit cards, without the potential to misuse credit. These cards may be used anywhere Visa® debit cards are accepted for shopping and for ATM withdrawals at thousands of locations nationwide.

Initially dfree™ will be supported by the Urban Trust Success prepaid Visa card, while a dfree™ branded prepaid card is under development.

About Urban Trust Bank:

Urban Trust Bank (UTB) is a federally chartered community-oriented bank founded by legendary entrepreneur Robert L. Johnson. UTB is successfully executing an innovative business model that provides value-oriented, common-sense banking and mortgage services through a network of branches in Florida and the Washington, DC area. Additionally, UTB is developing a suite of products to empower individuals and families in diverse communities who have been underserved or undervalued by traditional financial institutions. UTB is among the largest African-American controlled banks in the country and has been highlighted in national and local media, including The Washington Post, CNBC, The Wall Street Journal, CNBC, The Orlando Business Journal, and USA Today. UTB is designated as well capitalized by the Office of Thrift Supervision, the highest possible capital rating. UTB is headquartered in Central Florida and has offices near Washington, DC. For more information, www.urbantrustbank.com or www.myurbantrust.com

About RLJ Companies:

The RLJ Companies, founded by Robert L. Johnson, is an innovative business network that provides strategic investments in a diverse portfolio of companies. The RLJ Companies seeks to target undiscovered or underserved markets then exercise solid management to achieve results. Within The RLJ Companies portfolio, Johnson owns or holds majority interests in businesses operating in banking, private equity, hospitality, automobile dealerships, entertainment, and video lottery terminal (VLT) gaming. The RLJ Companies is headquartered in Bethesda, MD, with operations in Charlotte, NC; Orlando, FL; Little Rock, AR; Los Angeles, CA; San Juan, PR; and Monrovia, Liberia. Prior to founding The RLJ Companies, Johnson was founder and chairman of Black Entertainment Television (BET). For more information: www.rljcompanies.com

About Corporate Community Connections:

Corporate Community Connections, Inc. (CCCI) is a corporation formed by Dr. DeForest B. Soaries, Jr. in 1997 to create innovative partnerships between major corporations and community and faith based organizations. CCCI is the corporate sponsor of the dfree™ brand and licenses organizations to become dfree™ partners free of charge. dfree™ has been piloted at the First Baptist Church of Lincoln Gardens, a church that reaches beyond the four walls of the building to work in the community, helping people keep their homes, placing foster and adoptive children, providing job training and placement and enriching the lives of the youth. The dfree™ or debt free program has become a First Baptist Church of Lincoln Gardens’ solution-based practice of empowering church and community members to live debt free. For more information about the program visit: www.mydfree.org